Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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H Gosh
This is a plea to all of our experts.  In doing my research, I have found that many of EMC's "trusts" have been sold to SACO - be it SACO, Inc., SACO I, Bear Stearns SACO, etc.  Any information on SACO floating around out there? 

Also - for anyone that has LaSalle as Trustee for any Bank of America Trusts - since LaSalle is now owned by Bank of America, and no longer exists (LaSalle has been "merged into" BofA) BofA has requested a six month period to replace LaSalle as Trustee of said Trusts.  Keep an eye on what transpires.  We will also need to look into the ability (standing) of LaSalle to foreclose on any other mortgages for any other Trusts it may be Trustee of (i.e. EMC).
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All it took was about 60 seconds on Google.  SACO is just the name of one or more of the trusts created to hold the mortgages sold through the securitizations.  I searched the name through the Delaware Corporations Division web site and what shows below is a pretty standard type of trust.  Most of these trusts are bankruptcy remote and very hard to serve with process.  Wilmington Trust in particular will reject services (as they have probably been instructed) if the service of process does not name the trust EXACTLY, and I mean EXACTLY as the corporate name on file shows.  If you are going to sue the trust, get a certified copy of the trust documents from Delaware and make sure your pleading matches what is listed in the trust charter with the your fliings.  You need to name the trust if you are going to try to reach the real party in interest - even though most of us agree these remote trusts are a scam anyway.


https://sos-res.state.de.us/tin/controller


 
Entity Details
THIS IS NOT A STATEMENT OF GOOD STANDING
File Number:4215432Incorporation Date / Formation Date:09/06/2006
(mm/dd/yyyy)
Entity Name:SACO I TRUST 2006-8
Entity Kind:STATUTORY TRUSTEntity Type:GENERAL
Residency:DOMESTICState:DE
REGISTERED AGENT INFORMATION
Name:WILMINGTON TRUST COMPANY
Address:RODNEY SQUARE NORTH 1100 N. MARKET STREET
City:WILMINGTONCounty:NEW CASTLE
State:DEPostal Code:19890
Phone:

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hgosh
Thanks, Ken , but that is not the info I was searching for.  I want to know
1) What is SACO
2) If a "Trust" is sold to SACO, yet left as a "Trust" what are the rights of foreclosure
3)  What are the insurance ramifications?
4)  IRS ramifications?
5)  Is the foreclosure in rem or persona?
6  If in rem where is the mortgage and is it satisfied?
& if in persona where is the mortgage, the note and are they satisfied?
8)  Who is the Trustee, Underwriter, Depositor, Servicer?
9)  If there is a servicer, what about the servicer of the "Trust" and who stands first?
10)If a Trust brings forth a foreclosure action and the trust has been sold to SACO, who is required to bring forth the complaint to establish jurisdiction?
11)  What books are the REO's listed on?
12) What does SACO stand for?

Can you google these answers - I've tried and get nowhere

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h gosh
                                                                                                                                                                                                                                       
Ken, I attempted to use your link, and this is the message I received:


System error has occurred with the following error message
Illegal Attempt
Please logout and report this problem to help desk.
Thank you.
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hgosh, type this into your google gov search engine...

SACO mortgage related entity, and this...

Saco and Biddeford Savings Institution

http://www.google.com/ig/usgov

If I can help, just yell.
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h gosh


Title:

OK, looking at EMC Loan Trust 2004-A, you can see that the entire trust was sold to SACO.  I'm trying to trace the notes - are they now "asset backed certificates" (hedge fund)?  What exactly is the accounting used - is the 2004-A Trust now defunct?  Is the Trust carried on EMC's books, and if so, why and how?  What about the right of the Trustee (LaSalle) to foreclose, interplay of BofA?  This reminds me of 2000 when we were all struggling to understand the Trusts and their interplay in the ownership of our notes.

New Issue: EMC Mortgage Loan Trust 2004-A

Price:$400.00
Publication Date:Mar 17, 2004
Report Type:Full Report
Abstract:The ratings assigned to EMC Mortgage Loan Trust 2004-A's mortgage pass-through certificates series 2004-A are based on a level of credit enhancement that meets Standard & Poor's requirements given the quality of the loans, distribution of the mortgaged properties, and a legal structure designed to minimize the potential losses to certificateholders due to the insolvency of the issuer (see table 1). The certificates represent ownership interest in a trust consisting of a pool of fixed-rate (30.06%) and adjustable-rate mortgages (69.94%) secured by first and second liens on one- to four-family residential properties. The loans were acquired by EMC from various institutions and transferred to SACO on the closing date. The loan pool consists of fixed- and adjustable-rate, first-lien, fully amortizing
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h gosh
Looking at SACO I Trust 2005-5, LaSalle is the "servicer" however, if this Trust comprises the EMC 2004-A Trust, LaSalle is the Trustee.  The issues come in with the right of LaSalle to foreclose.  If they are the Trustee, they have standing, if they are the servicer, absent a POA, they have no standing.  How is LaSalle representing itself to the court?  Also, we need to look at the merger of LaSalle into BofA. 

They haven't stopped playing their games of hide the note - they have made it more complex, but we will keep on their tails, won't we??

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hgosh, please email me when you get a minute.

Scroll 1/3 down on page.

http://www.dol.gov/federalregister/HtmlDisplay.aspx?DocId=20807&AgencyId=8&DocumentType=3

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WOW - great catch on the PTE documents.  What is telling are a couple of sentences about mida way through the document.  I believe these admissions by Bank of America are telling and represent what everyone has been saying about mortgage notes disappearing and the real party in interest not identifiable.  I plan to make a Freedom of Information request to the Department of Labor for this document and the supporting documents.  This is the type of document which a litigant could ask the Court to take Judicial Notice.

The Applicant asserts that
this is problematic for several reasons. First, as is customary for
such transactions, the physical securities are not used in most cases.
Rather, an electronic system, usually the Depository Trust Company's
electronic system, is utilized and the securities are in global form.
In such cases, it is difficult (and may be impossible) to ascertain the
beneficial ownership of the securities, meaning that it is not known
whether Plans are owners and to what extent. The Applicant asserts that
identifying the affected Plans would be time consuming and expensive,
and may be impossible to do with complete accuracy because of the book-
entry system under which Securities were issued.

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